When shopping for your mortgage, you may already know some of the one-time costs involved, such as down payment and closing costs. But there are also some recurring costs — like mortgage insurance — that you should get familiar with, too. So, what is mortgage insurance — and how do you know if you must pay it? In this article, we'll look at the definition of … [Read more...] about What is Mortgage Insurance and How Does it Work?
Plenty of people rely on tips for some or all of their income. In fact, millions of Americans work in the kinds of service and hospitality industry jobs that have traditionally relied on tips for compensation -- and that number is expected to increase in the coming decade. You might think that buying a home is just for people with desk jobs and salaried gigs. But that’s not the … [Read more...] about 4 Homebuying Tips for Tipped Employees
The Federal Reserve has raised interest rates three times in 2018, and they’re not finished: another hike is expected before the end of the year. If that’s not bad enough, most financial analysts agree that we can look forward to additional interest rate increases in 2019. Plenty of people would rather watch paint dry than worry about interest rates, of course. But if you’re … [Read more...] about To Buy or Not to Buy: What to Do When Mortgage Rates Are Rising
Credit scores are a fact of life for Americans in the 21st-century, but credit scores haven’t always existed. Without credit scores, lenders might still be relying on handshakes and other subjective measures to determine credit-worthiness. Doing so would leave millions of Americans without access to the sort of capital necessary to buy a home or run a business. The invention … [Read more...] about A History of Credit Scores and Credit Reporting
So, you’ve found a person with whom you want to spend the rest of your life. When you met, it was like you’d known each other forever. And now, the two of you want to buy a home and build a life together. In an ideal world, your perfect partner would also have perfect credit. But even the best relationships have their sore spots. It’s not unusual to find yourself in a … [Read more...] about Buying a Home When Your Partner Has Bad Credit